Anti-Money Laundering
Anti-Money Laundering Legislation and Guidance
Money laundering is criminalized primarily by means of the Prevention of Money Laundering Act (Cap. 373) which has adopted an “all crimes” approach. Drug-related money laundering is additionally criminalized through the Dangerous Drugs Ordinance (Cap. 101) and the Medical and Kindred Professions Ordinance (Cap. 31).
The Prevention of Money Laundering Act also establishes the Financial Intelligence Analysis Unit (FIAU).
The Prevention of Money Laundering Act and the Prevention of
Money Laundering and Funding of Terrorism Regulations are supplemented by the
Implementing Procedures issued by the FIAU. The Implementing Procedures provide
an interpretation of the regulations and their purpose is to guide and assist
subject persons in understanding and fulfilling their obligations under the
regulations, thus ensuring effective implementation thereof. The Implementing
Procedures are binding on subject persons and failure to comply is subject to
an administrative penalty.
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